Citi Selected to provide Transaction Services for the European Stability Mechanism (ESM)
London, Luxembourg - February 19, 2013 – Citi has been selected by the European Stability Mechanism to provide transaction services for the investment mandate from EU reaching up to EUR 80bn assets. Citi’s solution brings together its global scale in products and geography with deep understanding of underlying markets and culture of innovation.
“One of ESM’s most important requirements was time to market with an optimal operating model. A number of Citi divisions collaborated to develop and launch this mandate,” said Dirk Jones, Global Head of Securities Funds Services Client Sales Management. “Citi was able to quickly design and implement a solution with the breadth and depth necessary to meet all of the ESM’s needs under very demanding deadlines.”
The European Stability Mechanism is a permanent crisis resolution mechanism for the countries of the euro area. Its mandate is to finance loans and other forms of financial assistance to euro area Member States. An intergovernmental organization, its shareholders are the 17 euro area Member States. ESM has a total subscribed capital of €700 billion, including paid-in capital of €80 billion, and an effective lending capacity of €500 billion.
“Citi is proud to support ESM as a key institution that aims to enable ongoing financial stability in Europe”, said P. Freddy Boom, Head of the Public Sector Group, Europe Middle East & Africa.
Citi OpenInvestor is the investment services solution for today’s diversified investor that combines specialized expertise, comprehensive capabilities and the power of Citi’s global network to help clients meet performance objectives across asset classes, strategies and geographies. Citi OpenInvestor provides institutional, alternative and wealth managers with middle-office, fund services, custody, and investing and financing solutions that are focused on their specific challenges and customized to their individual needs. For more information, visit openinvestor.transactionservices.citi.com.
About Citi Transaction Services
Citi Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi’s Transaction Services supports over 65,000 clients. As of the fourth quarter of 2012, it held on average $428 billion in liability balances and $13.2 trillion in assets under custody.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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